Mississippi only has $5.7 billion of assets available to pay bills totaling $14 billion.

Because Mississippi doesn't have enough money to pay its bills, it has a $8.3 billion financial hole. To fill it, each Mississippi taxpayer would have to send $11,300 to the state.

Mississippi's reported net position is inflated by $1.4 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.

The state is still hiding $596.4 million of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require states to report this debt on the balance sheet.

The state's financial report was released 231 days after its fiscal year end, which is considered untimely according to the 180 day standard.

IN THE NEWS

According to the report from Truth In Accounting, Mississippi’s finances were ranked 33rd among the 50 states. Based on money available, each taxpayer would have to pay $11,300 to cover the state’s bill.